"Reports that say that something hasn't happened are always interesting to me, because as we know, there are known knowns;there are things we know we know.We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns-the ones we don't know we don't know."
Donald Rumsfeld

Wednesday, November 4, 2015

This year may be the year you actually start your own large or small business

If your plan was to start asmall business, time may be on your side this year. Optimism among small business owners increased last year, reaching 98.1 in December 2014, the highest reading since February 2007, according to the National Federation of Independent Business. Experts say a number of factors could boost Main Street optimism and entrepreneurship rates further in the new year, among them access to cash (also read how to raise money) , low fuel costs and a number of tax incentives. Nigel Thomas, 38, left his career as a software engineer to soft launch his New York City-based business in November 2014. This year, Thomas plans to expand his company, GoLocker, which allows consumers who don't live in buildings with doormen to use lockers to intercept packages, so they don't have to wait around for delivery ( Rogers,2015). Access to capital: Thomas so far has two sets of lockers in bodegas in Brooklyn, and plans to open three more locations in the first quarter of this year. Tax credits were a key part of why Thomas decided to take the entrepreneurial plunge."New York City has great incentives around green initiatives, and as our business expands we would like to take advantage of those tax credits," he said.Photo: Stephen TylerNigel Thomas left a software engineer career to soft launch his business, GoLocker, in New York City.Another factor encouraging entrepreneurship is low interest rates.According to Gene Marks
(Gene Marks is the founder of small business consulting firm The +Marks
Group ) Over all low interest rates and its impact on small business owners
should not be ignored,. For example, the U.S. Small Business Administration is zeroing out fees on loans of $150,000 or less through
fiscal year 2015( Marks,2015)."Some banks are
still wary about giving small-business loans, but they have created a market
for the micro and alt lenders of the world," said Marks, adding there are
more options to access capital. Read more: How to raise moneyAlternative lenders
including OnDeck Capital and Lending Clubcan have looser lending standards and
quicker turnaround times for cash, although interest rates can be quite high.Low energy cost:Lower energy prices including
gas , also are making starting a venture more enticing.Furthermore, Marks
(2015) argued that , while low gasoline prices may give consumers more cash to
spend, lower fuel prices also mean fewer worries for small business owners. For
example, John Egan who started a transportation business last
year, saw huge cost reduction due to cheap fuel -which lead him to expand his
small business. It is argued that energy
costs are a top business cost for small businesses. Government policy
relating to Taxes and retirementincentivesIn fact , tax incentives
are attracting potential entrepreneurs.One tax incentive that
start-ups can take advantage of in 2015 is the Small Business Tax Credit. This
is for small employers that offer workers health insurance through the Small
Business Health Options exchange setup under the Affordable Care Act ( thanks
to Barack Obama POTUS) . To qualify, workers must have fewer than 25 workers
all making an average of $50,000 or less. According to Trabold (2015) , employers who offer their workers coverage
through the exchange are eligible to receive up to 50 percent back on those
premiums ( Mike Trabold is director of Compliance Risk at Paychex, a payroll
and human resource services firm).Small businesses that
start a new 401(k) plan can claim a federal tax credit for the first three
years of the plan to offset their start-up costs, including costs to set up and
administer the plan, as well as costs to educate employees. In addition, the maximum contribution has
increased in 2015 to $18,000 (Trabold, 2015).

Furthermore, Trabold indicated that : If a small business buys
an energy system including solar panels, fuel cells or wind system, business
owners may qualify for these tax credits under the Energy Improvement and
Extension Act of 2008's Business Energy Investment Tax Credit. This credit
applies to energy systems installed on or before Dec. 31, 2016.Tacking action: In reality, entrepreneurship is risky , the fear of
failure plus the improvement of the job market lead to most people feeling less pressure to become
their own boss out of necessity. In
the latest jobs report from the Labor Department, 321,000 jobs were added in
November, the 10thconsecutive month
of gains of more than 200,000 jobs. The unemployment rate held steady at 5.8
percent.Despite an improved employment outlook, some entrepreneurs
including Thomas can't resist the allure of incentives and the chance to be
their own bosses."It's difficult to
sit behind a desk and not be able to use your creative side," Thomas said.
"But if you're a real entrepreneur, you will never be truly happy working
for someone else." (Rogers, 2015).

What do you think? send in your comments.. and share ( also G+ it if you like it) with your friends and family members.

Note: If you are an entrepreneur (create your own business) , creative (projects )or need money for an important cause (hospital bills, school fees, birthdays parties, funeral, marriage etc) you must understand how to raise funds via social network see Crowdfunding sites

Source Kate Rogers ., Charles Ekweruo

What do you think? send in your comments.. and share ( also G+ it if you like it) with your friends and family members.

Note: If you are an entrepreneur (create your own business) , creative (projects )or need money for an important cause (hospital bills, school fees, birthdays parties, funeral, marriage etc) you must understand how to raise funds via social network see Crowdfunding sitesTo help a charity see here